Knitting and Crochet Market to grow by USD 10.69 Billion from 2024 to 2028, driven by training and employment initiatives, Report on AI's impact - Technavio

NEW YORK, Feb. 14, 2025 /PRNewswire/ -- Report with market evolution powered by AI - The knitting and crochet market and it is set to grow by USD 10.69 billion from 2024 to 2028. However, the growth momentum will progressing at a CAGR of 6.4% during the forecast period, according to Technavio. The knitting and crochet market is fragmented, and the vendors are seeking strong partnerships with automotive, industrial, and commercial companies to compete in the market. Aarti International Ltd, ABHINANDAN KNITS PVT. LTD., Contempora Fabrics, KD Fabrics and Apparel, KPR Mill Ltd., Laguna Fabrics Inc., Lenzing AG, Loyal Textile Mills Ltd., Marvel Vinyls Ltd., Pacific Textiles Holdings Ltd., Pine Crest Fabrics Inc., Response Fabrics Pvt. Ltd., RSWM Ltd., Sahni Fabs, Sivaraj Spinning Mills Pvt Ltd., TEEJAY LANKA PLC, The LYCRA Co. LLC, Tintex Textiles, Toray Industries Inc., and W.Ball and Son Ltd. Are some of the major market participants -. To know about the vendor offerings - Request a sample report

Knitting And Crochet Market 2024-2028: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The knitting and crochet market report covers the following areas:

• Knitting And Crochet Market Size
• Knitting And Crochet Market Trends
• Knitting And Crochet Market Industry Analysis
• Porter's Five Forces Analysis
• Customer Landscape

The knitting and crochet market is fragmented, and the degree of fragmentation will accelerate. The initiatives for training and employment opportunities will offer immense growth opportunities. However, the Challenges faced by textile industry will hamper the market growth

Knitting And Crochet Market 2024-2028: Drivers & Challenges

The global knitting and crochet market is experiencing growth due to initiatives that offer training and employment opportunities, particularly for underprivileged communities. In September 2024, Ability Fair Trade Village (AFTV) and the Global Envirotech Initiative (GEI) launched a transformative 16-day training program in Kampong Khlaing commune, Siem Reap province. This collaboration with Cambodia Knits (CK) aims to teach crochet and knitting skills to 40 women from two villages, empowering them to build sustainable livelihoods. In July and August 2023, AFTV and GEI granted scholarships to these women, enabling their participation in the program.

The textile industry, a major contributor to the global knitting and crochet market, faces significant challenges in Bangladesh, a significant player in the ready-made garment sector. Political instability has negatively impacted the economy, particularly affecting the 85% of informal workers in the industry. In 2024, Dhaka's real GDP growth slowed to 4.8%, with a current account deficit of 0.8% of GDP, projected to decline further to 2.7% in 2025, according to the International Monetary Fund. The textile industry, which accounts for 80% of Bangladesh's exports and 15% of its GDP, is crucial yet vulnerable to these economic fluctuations.

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Segment Overview

This knitting and crochet market report extensively covers market segmentation by

• Application
• Apparel
• Home Textile
• Industrial
• Others
• Distribution Channel
• Online
• Offline
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

1.1 Apparel- The global knitting and crochet market's apparel segment offers a wide selection of top-notch garments for men, women, and children. These garments are manufactured using various materials, including 100% conventional and organic cotton, cotton blends, and fair-trade cotton. The segment includes categories such as casual wear, sportswear, activewear, sleepwear, and workwear, each designed to address specific consumer requirements. Recently, The Lycra Company, a major player in the apparel and personal care industries, underwent a full equity acquisition by a consortium of financial institutions. This transition allows Lycra to concentrate on sustainable solutions, foster strategic technology partnerships, and develop innovative materials. Additionally, the company is dedicated to digital transformation initiatives aimed at improving operational efficiencies and customer engagement. Consumer demand for sustainable and ethically produced garments is driving the apparel segment's growth. Consumers are increasingly aware of the environmental and social impacts of their purchases, leading to a preference for garments made from organic and fair-trade materials. Innovations in fiber and technology solutions, such as those offered by Lycra, are essential in meeting these evolving consumer expectations and maintaining a competitive edge in the market. Furthermore, the integration of digital technologies streamlines production processes and enhances the overall consumer experience.

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Knitting And Crochet Market 2024-2028: Key Highlights

• CAGR of the market during the forecast period 2024-2028
• Detailed information on factors that will assist knitting and crochet market growth during the next five years
• Estimation of the knitting and crochet market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the knitting and crochet market across APAC, North America, Europe, South America, and Middle East and Africa
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of knitting and crochet market vendors

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio